Colleges and universities throughout the United States are teaming with real-estate developers to create campus-affiliated residential communities that offer opportunities for baby boomers, retirees and other active seniors to attend classes, provide access to college libraries and cultural events, and give them a built-in social network of other people who are more interested in learning than lounging by the pool.
Majority of Baby Boomers and Active Seniors Favor College Life
The idea is catching on fast. In three different multi-state surveys—conducted by the University of Massachusetts, Dartmouth, the University of Wisconsin, Oshkosh, and Juniata College in Huntingdon, Pennsylvania—54 percent–72 percent of active adult respondents age 55 and older said they would be interested in the concept of living on or near a college campus.
According to Gerard Badler, managing director of Campus Continuum, a company that develops and operates a network of university-affiliated communities for 55+ active adults, many Baby Boomers are seeking a sense of place that bypasses more conventional retreats such as beaches or golf courses.
“They’re looking for a retirement – or semiretirement – lifestyle different from that experienced by their parents,” Badler says. “They're looking for stimulating intellectual, social and volunteer opportunities."
Living to Learn and Learning to Live
In the following interview, Badler explains how baby boomers are reshaping retirement by returning to college campuses and transforming lifelong learning into a lifestyle.
Q. Do you see university-based senior housing as a trend that will continue to grow? If so, why?
Badler: Yes, for a variety of reasons: About 77 million baby boomers will soon be retiring (or semi-retiring) and most are wondering how to spend the next stage of their lives. Many are in good health and are looking for a lifestyle that combines interesting intellectual, social and volunteer opportunities. Living on a golf course or lying on a beach doesn't fit their needs over the long term.
Q. What is the difference between a university-affiliated Continuing Care Retirement Community and a 55+ Active Adult Community?
Badler: Most existing university-affiliated retirement communities to date are Continuing Care Retirement Communities (CCRCs). These typically combine independent living, assisted living and a nursing home. The average age in those communities is about 84. CCRCs on or near a campus are found across the country, in both warm and cold weather climates.
Campus Continuum’s current projects are planned as 55+ Active Adult Communities, generally most attractive to people 55–75 years old. These are condominium communities where residents are more interested in the academic tie-in than in having on-site health care facilities.
Q. What are the advantages for someone 55+ of living on a college campus?
Badler: Retiring to a small college town enables seniors to stretch their retirement dollars and thus allows them to maintain or improve their current standard of living. We anticipate people may move from a higher cost of living location to a lower cost one with the cultural attractions offered by a college. And, with the money saved on real estate costs, people can fly to London and Paris a couple of times a year to get additional cultural stimulation.
In Campus Continuum communities, residents will enjoy faculty-like access to the programs and facilities of the university. They’ll be able to take courses, attend customized seminars, use the fitness facilities and libraries, attend performing arts events, and volunteer on and off campus. Engaging in intergenerational activities can help seniors stay mentally alert and feel socially productive.
Q. What are some advantages for a university in developing a 55+ community on campus?
Badler: Academic institutions are looking for new sources of revenue. University-affiliated senior communities can provide a variety of revenues, including:
- sale or lease of university land, if the project is built on the institution's land
- fees for providing residents with access to the programs and facilities of the school (whether or not the community is located on campus), and
- additional donations and bequests that would not have been otherwise obtained, if the residents are treated in a warm and welcoming way.
Badler: Colleges and universities are beginning to recognize the tremendous nonfinancial value of having a few gray-haired folks around the campus. Seniors bring a wealth of lifetime experiences and education to classroom discussions. They can act as mentors, career counselors and tutors to younger students. They can provide experienced volunteer help to student clubs, the college newspaper, etc.
Q: Should the government support the concept?
Badler: From a public policy perspective, it makes sense for the federal and state governments to encourage this trend. The U.S. has probably spent more money educating the baby boomer cohort than any other group in history. It makes sense to stretch the productive life of that investment as long as possible (think of it as tertiary recovery of oil from wells that have already been tapped). Our projects are one mechanism for doing just that.